According to a new report, the Ministry of Finance in Russia is now questioning its own ‘bitcoin ban bill’, which is currently a draft. Alexei Moiseev, the Russian Deputy Minister of Finance has now claimed that the Ministry won’t be pressing for a direct ban of bitcoin, contrary to the agenda previously set by the regulatory authority. In what is clearly a change of stance, the deputy minister has stated that the bill – introduced by the Ministry to the Russian State Duma, pressing for a ban of bitcoin and cryptocurrencies – will now be amended following a series of meetings with experts in the future. In comments reported by TASS , Russia’s largest news agency, Moiseev stated: The bitcoin bill is already ready, but we won’t be rushing it, and will most likely change [the bill] along the way. Now, I’m going to hold to hold a series of meetings with experts and once again think about what we need to do. Most notably, he added: Perhaps, in the view of the development of technology, a frontal ban [of bitcoin] will not do very well. The Finance Ministry has repeatedly made efforts to implement a ban on bitcoin. Among other proposals, the regulatory authority has even proposed the use of bitcoin as a criminal offense. The proposed verdict for the criminal act? Up to 7 years in prison , along with significant fines. Critiquing a Bitcoin Ban The bill has previously seen delays due to criticism, from reviewers and other administrative bodies alike. In April 2016, reports of the first delay to the bill and its introduction to the State Duma – the lower chamber of the Russian Parliament – surfaced, with a multitude of comments and revisions suggested by reviewers critiquing the early draft. At the time, […]
